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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Responzetv | LSE:RETV | London | Ordinary Share | GB00B18X8Z87 | ORD 16P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2369D ResponzeTV PLC 04 September 2007 4 September 2007 ResponzeTV PLC Interim Results 2007 ResponzeTV PLC today reports its interim figures for the six months to 30 June 2007: Business Highlights: *Major corporate, strategic and operational changes have established foundations for success *Early improvement in results are starting to show *Two major US acquisitions completed and a new UK channel joint venture launched *Integration of product development and sourcing combined with international distribution through infomercial and TV home shopping distribution businesses *Strong sales growth in the US and other major international markets from sales offices in the US, Europe and Asia *New products launched on infomercial and TV home shopping channels, with a pipeline of further new products Financial Highlights: *Approx 1000% (11 times) sales growth *Approx 1900% (20 times) improvement in gross profit *Significant reduction in losses to US$360,000 *Operating profit of US$34,000 H1 2007 (US$) H1 2006 (US$) Approx Change Sales 12.72m 1.16m 1000% (11x) increase Gross Profit 7.58m 0.37m 1900% (20x) increase Loss from continuing operations (0.36)m (4.10)m 91% reduction For further information, please contact: ResponzeTV PLC Steven Goodman, Executive Chairman Tel: + 852 2295 1161 Evolution Securities Limited Bobbie Hilliam Tel: +44 207 071 4300 ResponzeTV PLC Interim Results 2007 Review of Trading In the first half, the focus was on the integration of Reliant and Famous Discoveries, increasing distribution capability and the development and launch of new products. As a result, the Group now develops and sources products through its international supply business, and has international distribution through its fully integrated infomercial and TV home shopping businesses. Product launches have included the 'Pressa Bella Steam Iron', the 'Mirabella Steam Mop', 'Tru Color Sunglasses' and a number of branded items such as Chef Robert Irvine's kitchen products and the Professor Amos and 'Stainz-R-Out' lines of cleaning products. The Tony Little branded 'Rock n Roll Stepper', which started testing in June 2007, has launched to particularly successful early results and is expected to generate significant revenues in the future. More product launches are in the pipeline and the Company aims to have a continuing flow of products at different stages of development. International distribution now comprises Reliant's infomercial business, Famous Discoveries' home shopping business and supplies of products to third party home shopping operations in key markets in North America, Europe and Asia from sales offices in the USA, Europe, Hong Kong and Taiwan. In the UK, additional distribution is provided through the 'Shop Now TV' infomercial joint venture channel. The Company has also established a joint venture with a TV home shopping channel to provide infomercial distribution for its products in Canada, and targets to enter into similar arrangements in other markets. The Company is targeting to become a leader in the development and sourcing of products, the production of media and the distribution of products on leading infomercial and TV home shopping channels in the principal home shopping markets around the world. Senior Management Changes The period saw a major strengthening of the senior management team. On completion of the acquisition of Reliant in January 2007, Kevin Harrington and Tim Harrington joined the Board as Group Chief Executive Officer and Group Chief Operating Officer respectively. The senior management team was further strengthened on the acquisition of Famous Discoveries in March 2007 by the addition to the team of Akos Jankura and Bill Barlow. They each bring significant experience and expertise in the infomercial and TV home shopping industry. Results for the Period The above mentioned changes were instrumental in producing significantly improved results for the period. Turnover for the period, of US$12.72 million, represented an increase of approximately 11 times on the US$1.16m achieved in the same period last year. Gross profit for the period was US$7.58 million, an increase of approximately 20 times on the US$370,000 achieved for the same period last year. The loss for the period of US$360,000 represents an approximate 91% reduction on the US$4.10m loss for the same period last year. The Group achieved an operating profit for the period (excluding finance costs) of US$34,000, compared to a US$2.75m loss in the same period last year. A significant part of these improvements reflects the contributions of Reliant and Famous Discoveries, although the period also saw continued improvement in the International Supply business. Each of these businesses have benefited from being brought together. The launch of the new UK Channel 'Shop Now TV' at end-May 2007 was too late to make a meaningful impact on results in the first half, but is expected to contribute to further sales growth in the second half of the year. These improvements have taken place during the initial period of integration of the new businesses, developing the Group's distribution capability and focusing on the development of new products and projects for launch in 2007 and beyond. As the Company moves through this initial integration and development phase and into a period of focusing on further sales growth, the Board expects to see continuing improvement in results for the rest of 2007 and into 2008. Current Trading and Prospects The Board anticipates that trading in the second half will continue to show further improvement. ResponzeTV PLC CONSOLIDATED INCOME STATEMENT Unaudited six Unaudited six Year to months to 30 months to 30 31 December June 2007 June 2006 2006 US$'000 US$'000 US$'000 Revenue 12,718 1,164 2,174 Cost of sales (5,143) (797) (2,001) ----------- ---------- ----------- Gross profit 7,575 367 173 Administrative expenses (1,229) (2,716) (4,240) Distribution expenses (6,312) (401) (688) ----------- ---------- ----------- Operating profit/(loss) 34 (2,750) (4,755) Share of losses of associates - - - Investment revenue 1 1 2 Finance income - - 3,177 Finance costs (396) (1,347) (2,580) ----------- ---------- ----------- Loss before tax (361) (4,096) (4,156) Income tax - - - ----------- ---------- ----------- Loss from continuing operations (361) (4,096) (4,156) ----------- ---------- ----------- Loss for the financial period/ year (361) (4,096) (4,156) =========== ========== =========== Basic/ diluted loss per ordinary US$(0.01) US$(0.52) US$(0.49) share =========== ========== =========== ResponzeTV PLC CONSOLIDATED BALANCE SHEET Unaudited 30 Unaudited 30 31 December June 2007 June 2006 2006 ----------------------- ----------------------- ------------------ US$'000 US$'000 US$'000 ASSETS Non-Current assets: Property, plant and equipment 85 131 142 Intangible assets 598 - - Goodwill 26,873 - - ------------ ------------ ------------ Total non-current assets 27,556 131 142 ------------ ------------ ------------ Current assets: Inventories 410 268 - Trade and other receivables 2,368 361 1,008 Cash and cash equivalents (12) 332 189 ------------ ------------ ------------ Total current assets 2,766 961 1,197 ------------ ------------ ------------ Total Assets 30,322 1,092 1,339 LIABILITIES Current liabilities: Trade and other payables (5,604) (6,483) (2,793) Tax liabilities (68) (63) (68) Other financial liabilities (6,624) (13,860) (3,619) ------------ ------------ ------------ Total current liabilities (12,296) (20,406) (6,480) ------------ ------------ ------------ Non-current liabilities: Other financial liabilities (3,946) (8,100) (3,132) ------------ ------------ ------------ Total non-current liabilities (3,946) (8,100) (3,132) ------------ ------------ ------------ Total Liabilities (16,242) (28,506) (9,612) ------------ ------------ ------------ Total Assets less Total Liabilities 14,080 (27,414) (8,273) ============ ============ ============ EQUITY Share capital 23,578 2,155 16,853 Equity component of convertible bond 665 323 665 Deferred shares on acquisition 12,430 - - Share premium account 9,781 - 7,058 Other reserve 94 - 11 Translation reserve (5,567) (3,413) (6,321) Accumulated losses (26,901) (26,479) (26,539) ------------ ------------ ------------ Total Equity 14,080 (27,414) (8,273) ============ ============ ============ ResponzeTV PLC ---------------------------------------------- Consolidated cash flow statement for the period ended 30 June 2006 Unaudited six Unaudited six Year to 31 months to 30 months to 30 December 2006 June 2007 June 2006 US$'000 US$'000 US$'000 Operating activities Loss for the period/year (361) (4,096) (4,156) Adjustments for: Loss on disposal of property, plant and equipment 5 - 356 Depreciation of property, plant and equipment 46 99 168 Impairment of property, plant and equipment - 435 (Write back of) provision on inventories - - (153) Impairment of goodwill - 99 55 Share -based payment expense 83 - 11 Finance income - - (3,177) Finance costs 396 1,347 2,580 Interest receivables (1) (1) (2) -------- -------- --------- Operating cash flows before movements in working capital 168 (2,117) (162) (Increase)/ decrease in inventories (96) 164 635 (Increase)/ decrease in receivables (604) 374 72 Decrease in payables (3,401) (1,386) (2,466) -------- -------- --------- Cash generated from operations (3,933) (2,965) (1,759) Income taxes refunded (paid) - - - Interest paid (90) (90) (180) -------- -------- --------- Net cash from operating activities (4,023) (3,055) (6,257) -------- -------- --------- Investing activities Interest received 1 1 2 Acquisition of subsidiary (138) (99) (77) Disposal of property, plant and equipment - - 33 Purchases of property, plant and equipment (28) (60) (79) -------- -------- --------- Net cash from investing activities (165) (158) (121) -------- -------- --------- Financing activities Proceeds of capital reorganization 95 - - Issue of new shares - - 252 New other loans raised 3,196 4,100 6,600 Repayment of loans (57) - - -------- -------- --------- Net cash from financing activities 3,234 4,100 6,852 -------- -------- --------- Net (decrease)/ increase in cash and cash equivalents (954) 887 474 Cash and cash equivalents at the beginning of the period/ year 189 257 257 Effect of foreign exchange rate changes 753 (812) (542) -------- -------- --------- Cash and cash equivalents at the end of the period/ year (12) 332 189 ======== ======== ========= ResponzeTV PLC ---------------- CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD/ YEAR Unaudited six Unaudited six Year to 31 months to 30 months to 30 December 2006 June 2007 June 2006 -------------------- -------------------- -------------------- US$'000 US$'000 US$'000 Changes in equity Exchange differences arising on translation of foreign operations 753 (812) (3,720) ----------- ----------- ----------- Net income recognized directly in equity 753 (812) (3,720) Loss for the period/year (361) (4,096) (4,156) ----------- ----------- ----------- Total recognized income and expense for the period/year 392 (4,908) (7,876) Issue of share capital 6,677 - 119 Issue of share capital upon conversion of debts 48 - 14,579 Equity element of convertible loan - issue of convertible debt - - 403 Equity element of convertible loan - conversion of debt - - (61) Share premium arising from capital reorganization 95 - - Share premium arising from the issue of ordinary share capital 2,576 - 133 Share premium arising from conversion of debts 52 - 6,925 Issue of share options 83 - 11 Deferred shares on acquisition 12,430 ----------- ----------- ----------- 22,353 (4,908) 14,233 Equity brought forward (8,273) (22,506) (22,506) ----------- ----------- ----------- Equity carried forward 14,080 (27,414) (8,273) =========== =========== =========== Notes to the Accounts The interim results to 30 June 2007 have been prepared on the same basis and under the same accounting policies as were applicable and set out in the accounts for the year ended 31 December 2006. Specifically, the interim results have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively "IFRS") as adopted by the EU and with those parts of the Companies Act 1985 applicable to companies preparing their financial statements under IFRS. The financial information in the report does not constitute full accounts defined by section 240 of the Companies Act 1985. The figures for the year ended 31 December 2006 are based on the accounts, which have been filed with the Registrar of Companies. The auditors report on the accounts, as filed with the Registrar of Companies, was unqualified. Presentational Currency - under IAS 21 the US$ represents the currency of the primary economic environment which operates on a company by company basis and all subsidiaries have adopted the US$ as their functional currency. The Group therefore, has adopted the US$ as the presentational currency when reporting all financial statements. Seasonality - the period under review has not been subject to any unusual influence of seasonality or cyclicality. Going Concern - the directors believe that continued financial support to the Group will be provided by MediaXposure Limited (Cayman) ("MediaXposure") and on this view the directors consider it appropriate to prepare the interim results statements on a going concern basis. Financing - during the period the Company borrowed a further US$200,000 from MediaXposure. On 19 January 2007, the Company's subsidiary Reliant International Media LLC ("Reliant") agreed a US$2.0m line of credit with Grand Pacific Finance Corporation. On 1 April 2007, this facility was increased by a further US$1.0m. Business combinations - on 11 January 2007 the company acquired 100% of the shares of Reliant, a TV Infomercial producer based in the USA. The Company issued to the vendors 13,620,551 new ordinary shares. On 31 May 2007, the Company issued a further 4,540,184 new ordinary shares to the vendors. The issue of a balance of up to 26,415,614 new ordinary shares will be by way of earn-out and is dependant on the financial performance of Reliant for the financial years ending 31 December 2007 and 31 December 2008. On 30 March 2007 the Company acquired 100% of the shares of EXI International Corp, a USA based vendor to television home shopping channels worldwide, trading as Famous Discoveries. The Company paid the vendors consideration of US$2.5m, which was satisfied by the issue of 3,144,594 new ordinary shares at an issue price of 40.5p per share. Payment of further consideration to the vendors, of up to US$ 2.6m, will be satisfied by the issue of further new ordinary shares at the market price as at the dates of each such issue and will be by way of earn-out dependent upon the financial performance of the Famous Discoveries business for the two years ending 28 February 2009. Loan Debt - on 4 May 2007 DKR Soundshore Oasis Holding Fund Limited ("Oasis") converted US$100,000 of the US$3.0m 6% Convertible Unsecured Loan Notes Due 2007. The conversion price was 33.5p per ordinary share, and this resulted in the issue of 149,283 new ordinary shares to Oasis. Other than this, there were no repayments of loan debt during the period. Dividends - no dividend payments were proposed or paid during the period. Contingent assets and contingent liabilities - during the period the Group excluded recognition of deferred tax as an asset on the basis that actual occurrence is unlikely to arise in the foreseeable future. No other contingent asset or liability arose during the period. Earnings Per Share - the basic and diluted loss per ordinary share has been calculated using the loss for the financial period and the weighted average number of ordinary shares in issue during the period. The number of shares used for the basic and diluted loss per share has been recalibrated for the impact of the capital reorganization approved at the AGM on 31 July 2006. This information is provided by RNS The company news service from the London Stock Exchange END IR EADNLELFXEEE
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